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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 91324
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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Hi, I have company in texas since 2006 but since there is

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Hi,
I have company in texas since 2006 but since there is no business transactions, i closed my state account in 2008 but since i thought it would set the comapny status as closed, i didn't bother filing taxes. So, now it says "not in good standing" and when i requested the texas
status for closing the comapny, they sent letter saying We received your request for a Certificate of Account Status (05-305). do the following..

OPTION 1 Meet tax filing requirements through the date of forfeiture by providing:

The 2009, 2010 annual franchise tax reports using 2008, 2009 accounting information
The 2009, 2010 signed Public Information Reports
The 2010 final franchise tax report using 2010 accounting information
Payment of any tax, penalty and interest due for the report(s)
The $50.00 late filing penalty for reports originally due on or after October 1, 2011

So, Since i didn't file the taxes and now i want to clear the history. So, how I do i correct with filing zero dollors transactions for the pending years to make it in good standing. later i may close or transfer to current state VA.. please advice
Submitted: 1 year ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

I am afraid that in order to properly wind up any business in Texas all filings must be up to date and any taxes or fees paid up to date. Thus, as you had not done so since 2008, you will now have to file late returns for each of the tax years you missed, even if you owe no taxes or franchise fees and pay any late fees for not filing. You will also have to pay all of your delinquent annual reports fees and file each report you missed.

Until you actually file everything that is missing your company cannot be closed out properly in good standing.



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Customer: replied 1 year ago.

 


how much it is going to cost?


Do i need to work with any tax consultant to solve this? or can i do by myself?


can you please provide me the information of where to look if i want to file by myself with zero revenue?

Expert:  Law Educator, Esq. replied 1 year ago.
If the tax returns are simple returns and you did not make any money or owe any taxes you can fill them out and file them yourself. You will need to get your tax forms for those years from the Texas Department of Revenue Comptroller's Office. In the long run it is likely faster and cheaper for you to hire a tax preparer for $200 or so to fill out all of the forms for you if you have never filed a company tax form before.
Customer: replied 1 year ago.

 


"You will also have to pay all of your delinquent annual reports fees and file each report you missed"


 


Referrring to above statement from your earlier response, Can i know approximately how much do I have to pay(all fines, delinquent annual reports fees, etc)?


(note: i didn't make operate the company for the years i missed filing taxes)

Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your response.

Each missing annual report was as they told you $50 penalty per report you are missing. If you owe no taxes there are no penalties or fees for that. With the tax preparer and everything you should be able to wind up the company and get a certificate of good standing for around $500 or so total.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 91324
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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